AVEO Pharmaceuticals, Inc. Announces Pricing of Its Initial Public Offering

CAMBRIDGE, Mass.--(BUSINESS WIRE)--AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO - News), a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics, today announced the pricing of its initial public offering of 9,000,000 shares of its common stock at $9.00 per share, before underwriting discounts and commissions. All of the common stock is being offered by AVEO. The shares are expected to begin trading on the NASDAQ Global Market under the symbol “AVEO” on March 12, 2010. In addition, AVEO has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares to cover over-allotments, if any.

J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated are acting as joint book-running managers for the offering. Leerink Swann LLC is acting as lead co-manager and Canaccord Adams Inc. is acting as co-manager of the offering.

The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from J.P. Morgan Securities Inc. c/o Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 866-803-9204; or from Morgan Stanley & Co. Incorporated at 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, by calling 866-718-1649 or by emailing prospectus@morganstanley.com.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About AVEO

AVEO is a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics. Its product candidates are targeted against important mechanisms known or believed to be involved in cancer.

Contact:

AVEO Pharmaceuticals, Inc. David Johnston, Chief Financial Officer, 617-299-5810 or Pure Communications Caton Lovett, 910-232-7166